FLORIDA REAL ESTATE CLASS FINAL EXAM WITH 100% CORRECT ANSWER (VERIFIED ANSWERS) | LATEST UPDATE | ALREADY GRADED A+

A Business Broker ANSWER: Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate Follow-Up is ANSWER: Keeping in contact with the new owner after the closing of the sale A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called ANSWER: Custom Building A builder purchases several vacant lots in an established residential subdivision. The builder constructs houses w/o having secured a buyer in advance of the construction of each home and advertises them for sale to prospective buyers. This is which type of residential construction? ANSWER: Spec Building What is exempt from Real Estate licensure under Chapter 475? ANSWER: 1. Straight Salary . 2. A person who sells cemetery lots for a commission. 3. Court jurisdiction. 4. Renting of a mobil home lot in a mobil home park Other exemptions from licensure include ANSWER: 1. For Sale by Owner 2. Owner of a Timeshare period who offers the property for resale. 3. A leasing agent of an apt. complex if they are salaried, work in an onsite rental office and work in a leasing capacity. 4. A manager of a condo and Co-op if employed for a salary and rent is for periods no greater than 1 yr. 5. An Attorney-in-Fact (Power of Attorney) 6. An Attorney-at-Law when acting in the scope of his or her duties as an attorney. Not receiving any compensation for a sale. 7. A decedent (personal representative) when appointed by the court. 8. A person selling entities licensed by the FCC (radio, TV or cable enterprises) 9. A person selling personal property. A farmer is appointed by the court to appraise the farm land of a deceased neighbor. The farmer will be paid a $3000 fee for the appraisal. Is he exempt from Chapter 475? ANSWER: Yes because he was appointed by the courts. A sales assoc employs an unlicensed assistant. The licensee prepares a fact sheet for all of her listings. The sales assoc instructs her assistant to drive a prospective purchaser by several listed properties. When questioned about a particular property, the assistant reads information from the fact sheet. The prospect decides to buy after the assistant showed her the interior of the last property. Have one or the other or both violated Chapter 475? ANSWER: Both violated the license law when the assistant entered the property to show it. Under FREC rules, a Fla resident is a person who has ANSWER: resided in Fla for at least 4 mos within the preceding year. Tom intends to make application to become a Fla real estate sales associate. He must have a Social Security number, a high school diploma, be over 18, and be competent to negotiate. What is not required? ANSWER: To be a US Citizen Mary has a 4 year degree in real estate. Mary must still attend the pre-licensing course and post-licensing education. What class is she exempt from? ANSWER: Continuing Education If a Florida licensee becomes a non-resident of Florida, he or she mus